BUSINESS: Core Specialty Enters Into A $300 Million Unsecured Revolving Credit Facility

dWeb.News Article from Daniel Webster dWeb.News

dWeb.News Article from Daniel Webster dWeb.News

by Daniel Webster, dWeb.News Publisher

CINCINNATI, Oct. 13, 2021 /PRNewswire/ — Core Specialty Insurance Holdings, Inc. and its subsidiaries (“Core Specialty” or the “Company”) announced today that the Company entered into a new credit agreement with three banks, including BMO Harris Bank N.A. As administrative agent. The credit agreement provides for a $300 million unsecured revolving credit facility and carries an accordion feature allowing for an additional $100 million of capacity, subject to customary terms and conditions (the “Credit Facility”).

The new Credit Facility has a maturity date of October 14, 2024, and includes two one-year extension options to the extent agreed by the relevant lenders. The Credit Facility charges interest at a variable rate. This ranges from LIBOR plus 1 to 1. 00% to 1. 50% depending on the Company’s financial strength rating determined by A.M. Best.

All borrowings made under the new Credit Facility are used for general corporate purposes. This allows Core Specialty to maintain its strong balance sheet and continue strategic growth initiatives through organic and inorganic options.

BMO capital markets Corp.; Fifth Third Bank; National Association; JPMorgan Chase Bank N.A. Core Specialty’s new credit facility was arranged by the joint lead arrangers and book runners.

About Core Specialty
Core Specialty offers a diversified range of property and casualty insurance products for small to mid-sized businesses. The Company has underwriting offices across the U.S. and focuses on niche markets, local distribution and superior underwriting knowledge. It offers traditional and innovative insurance solutions to suit the needs of its brokers and customers. Core Specialty, an insurance holding company, operates through StarStone Specialty Insurance Company (a U.S. excess lines and surplus lines insurer) and StarStone National Insurance Company (a U.S. admit markets insurer). AM Best has rated the Company as A- (Excellent). For further information about Core Specialty, please visit www.corespecialty.com.

Press Contact:
Sam Reinhardt
Associate Vice President
Prosek Partners
+1 646 818 9244
[email protected]

SOURCE Core Specialty Insurance Holdings

For more dWeb.News Business News: https://dweb.news/news-sections/business-news/

The post BUSINESS: Core Specialty Enters Into A $300 Million Unsecured Revolving Credit Facility appeared first on dWeb.News dWeb.News from Daniel Webster Publisher dWeb.News – dWeb Local Tech News and Business News

The post BUSINESS: Core Specialty Enters Into A $300 Million Unsecured Revolving Credit Facility appeared first on dWeb.News dWeb.News from Daniel Webster Publisher dWeb.News – dWeb Local Tech News and Business News

dWeb.NewsRead More

Similar Posts